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Judgment
(Hybrid Mode)
Comp. App. (AT) (Ins.) No.872/2026 has been filed against an order dated 13.04.2026 passed by the adjudicating authority (National Company Law Tribunal, Mumbai Bench, Court III) in I.A. No. 1544/2022.
In I.A. No. 1544/2022, adjudicating authority passed following order on 13.04.2026:
“I.A. 1544/2022 [Sec.60(5)]
As per the directions of Hon’ble NCLAT dated 18.03.2026, this Tribunal had taken the above applications to conclude the arguments and/or to decide the interim arrangement for distribution of the amount. However, Ld. Counsel for the applicant in IA 5803/2025 submits that the claim of UTI Multi Opportunities Fund is highly inflated as their claim at the most would be for Rs.260.28Crores whereas they have claimed Rs. 800 Crores by claiming interest @ 51%. Applicant is also challenging the nature of their claim as secured creditor to unsecured creditor. Therefore, IA 5803/2025 has to be heard and decided first before arriving at any interim arrangement. We shall consider the interim arrangement after hearing this IA along with IA 5803/2025 which is coming up for hearing on 13.05.2026.
List on 13.05.2026”
Comp. App. (AT) (Ins.) No.873/2026 has been filed against an order dated 09.04.2026 passed by the adjudicating authority (National Company Law Tribunal, Mumbai Bench, Court III), where the adjudicating authority has directed the I.A. No. 5803/2025 to be listed on 13.04.2026. On 13.04.2026, the order was passed in I.A. No.5803/2025, where the Court heard the arguments and fixed the next date as 13.05.2026.
Comp. App. (AT) (Ins.) No.873/2026 has become infructuous and no order is needed in the said appeal.
Coming to Comp. App. (AT) (Ins.) No. 872/2026, the adjudicating authority by order dated 13.04.2026 had directed the matter to be taken on 13.05.2026.
Learned counsel for the respondent produced the copy of the order dated 13.05.2026, where on I.A. No.1544/2022 and other IAs, following order has been passed:
“I.A. 1544/2022, I.A. 3419/2022, I.A.(I.B.C.)1629/2024,
I.A. (I.B.C.)5402/2025, IA (I.B.C.)5803/2025
List these applications before the regular bench on 20.07.2026 at 2:30 PM for conclusion of the arguments.”
Learned Sr. counsel Mr. Krishnendu Dutta appearing for the appellant submits that on account of the pendency of the various application especially the application I.A.5803/2025 filed by respondent No. 1, the distribution of the amount which is in the liquidation estate is not happening and creditors are not able to receive re-benefit of the amount and Court was also requested to consider interim arrangement for distribution till the applications are finally decided.
Learned Sr. counsel Mr. Abhijeet Sinha appearing for the respondent submits that now 20.07.2026 has been fixed, however, respondent has no objection if the dates in the said applications are preponed.
Learned counsel for both the parties prayed that applications which has already listed on 20.07.2026 be preponed in any date in June after Court reopens.
We are of the view that both the parties to appear before the adjudicating authority on 03.06.2026. We are of the view that the NCLT may fix any date in the second week of the June for hearing of the application. It is further observed that adjudicating authority may also consider on the next date the prayer for interim arrangement for distribution of the amount.
We make it clear that we have not expressed any opinion on the merits of submission of either of the parties.
Comp. App. (AT) (Ins.) No. 872/2026 is disposed of and Comp. App. (AT) (Ins.) No. 873/2026 is dismissed as infructuous.